"Looking ahead, consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings," Franco said, adding, "Overall, however, they remain quite positive about the short-term outlooks for the economy and labor market."

Consumers' assessment of the job market was more positive, with an increase to 18.2% from 15.6% of those stating jobs are "plentiful." Respondents claiming jobs are "hard to get" declined marginally to 30.6% from 30.9%.

"Aside from the glowing review offered by consumers of the job market, the share of negative responses is trending at recovery lows in nearly every survey segment," noted Moody's analysts (Economy.com Aug. 26). "Fewer consumers think business conditions are bad, and few think they will get worse."

Despite a relatively bright path ahead, consumers are giving a chilly reception to the idea of purchasing homes, major appliances or a car within the next six months. Moody's noted that a "huge upswing in consumer spending" shouldn't be expected.